Where an insurance policy for death and/or total and permanent disablement (TPD) cover is held within a superannuation fund, either in respect of a group of superannuation fund members or an individual member, the owner is the Trustee of the superannuation fund.
Where an insurance policy is held outside of superannuation, the owner of the policy is as specified in the policy document. It may be the life insured or another party.
If the life insurance proceeds inside superannuation, the benefits are paid to an eligible beneficiary as stated on the proposal.
AN ELIGIBLE BENEFICIARY WILL CHANGE FROM YEAR TO YEAR AND THIS NEEDS TO BE DISCUSSED WITH YOUR ADVISER.